Jack Myers: 50% of Digital Marketing Growth to Come from Social Commerce

Groupon should have been the brainchild of the media industry, not Andrew Mason.

But it wasn’t.

Media economist and Jack Myers suggests in the Huffington Post that legacy media companies (TV, magazines, newspapers, etc such as Viacom, Disney, CBS, Hearst, Gannett, Comcast, NBCU, Clear Channel etc) could benefit from social commerce, but are failing to do so.

Myers also forecasts that over the next decade, 50% of digital marketing growth (rising from $46.6 billion to $300 billion in 2020) will come from social commerce which he defines as social media combined with digital coupons and online/mobile promotions.

Without a future-proof business model, legacy media will whither. But instead of embracing social commerce, legacy media – like animals caught in oncoming headlights – are frozen, leaving the spoils to Facebook, Twitter, Groupon, Living Social and other social commerce leaders. Opportunity for a social commerce consultancy specialising in legacy media? People only buy in a state of discomfort – and there’s a lot of hurt in legacy media.

Declarative statement. Observational insight. Unfounded edict or exhortation. Ok Jack. How much will come from telephone commerce? Or direct mail commerce? Or email commerce? And what separates email commerce, telephone commerce (telemarketing), direct TV (informercials) and e-commerce from social commerce? Because don’t they all use that crusty old idea of Integrated Marketing Communications?

Hey, wait a minute. Maybe social media is just another tool set. Naaah. That doesn’t sound very exciting and new.

Just because you’re Jack Myers doesn’t mean you get to make any sense — no matter what you say!

Chartered psychologist specialising in consumer behaviour, wellbeing and technology. Certified CX professional experienced in Design Thinking. A researcher, writer and speaker, Paul is head of Digital Insight at SYZYGY.